Rateable Proportion definition
Rateable Proportion means the amount of insurance provided by this policy divided into the total amount of insurance in force on the property damaged or destroyed at the time of loss, multiplied by the actual loss incurred.
Rateable Proportion means the amount of insurance provided by this policy divided into the total amount of insurance in force on the property damaged or destroyed at the time of loss, multiplied by the actual loss incurred. “Replacement Cost” means the cost, at the time of loss, of repairs or replacement (whichever is lower) with new property of similar kind and quality and usefulness, without deduction for depreciation.
Rateable Proportion means (a) if there are two insurers liable and each has the same policy limits, each of the insurers shall be liable to share equally, and (b) if there are two insurers liable with different policy limits, the insurers shall be liable to share equally up to the limit of the smaller policy limit, and (c) if there are more than two insurers liable, (a) and (b) shall apply mutatis mutandis.
More Definitions of Rateable Proportion
Rateable Proportion means rateable proportion as defined in section 650(3) of the Act.
Rateable Proportion means the amount of insurance provided by this policy divided into the total amount of insurance in force on the property damaged or destroyed at thetimeof loss, multipliedbytheactual loss incurred.